Former Italian Prime Minister Silvio Berlusconi is to open talks with a consortium of Asian companies to sell about 70 percent of AC Milan football club, Italy's Il Messaggero newspaper reported on Wednesday.

Citing banking sources, the newspaper said Berlusconi would soon agree to start one month of exclusive talks with the consortium through the consulting firm Galatioto Sports Partners.

The report said one of the companies in the consortium was part of China's Wanda Group.

Last week, two sources said a Chinese consortium had offered to buy the club, one of Berlusconi's most cherished assets, and valued it at around 700 million euros (552 million pounds) including debt.

Fininvest, the Berlusconi family holding company that owns the club, had no comment on the Messaggero report.

Berlusconi has been looking for more than a year for someone to buy a minority stake in the club that won the Champions League five times after he bought it 30 years ago. It has failed to bring home a Serie A title in the past five years.